Oxford Business Group highlights Egypt's efforts in supporting start-ups

Oxford Business Group shed light on Egypt's efforts to support emerging digital companies, as the global economy faces a significant downturn.

In a report entitled, “How Egyptian funds are supporting start-ups amid the Covid-19 pandemic”, the group stated that Egypt’s digital start-ups were in a good position to respond to the pandemic.

It quoted from a January 2020 report from data platform MAGNiTT, saying that Egypt was responsible for the highest number of start-up financing deals in the MENA region last year, with 141 deals (25% of the total) attracting $98.6 million in funds.

“While the pandemic creates significant headwinds across the economy, several funds are seeking to build on the strong track record of the digital sector,” according to the report.